Oil prices decline further
Oil prices fell on Friday after U.S. President Donald Trump canceled plans to strike Iran, easing fears of escalation in the region. Brent crude decreased by 1.3% to $89.17 per barrel, while West Texas Intermediate dropped by 1.4% to $86.48, following weekly losses of 4.2% and 4.4%, respectively. This decline occurred despite Iran's attempts to close the Strait of Hormuz, through which about a fifth of the world's oil shipments pass, as commercial ships continued to pass through despite the threats.
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